USD/CAD Trades into 7/21 Close and Rebounds

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eliottWaves_usd-chf_body_usdcad.png, USD/CAD Trades into 7/21 Close and Rebounds

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-USDCAD traded into the 7/31 close of 1.0275 (circled on chart) and rebounded. Closes of swing lows and highs often serve as a hidden sort of support/resistance.

-A line parallel to the line off of the March and July highs served was broken to the downside intraday but price closed above the line. This is a potentially bullish development as a bullish channel may be forming.

-The line that extends off of the January and May lows is slightly below the July low (1.0245). The 200 day average is at 1.0210.

Trading Strategy: Flat

LEVELS: 1.0210 1.0245 1.0275 | 1.0355 1.0418 1.0470

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